And the problem is that the Democrats don’t offer an alternative vision. Especially since Clinton and the Third Way, Dems have felt that they also need to double down on the same kind of laissez-faire economic policies. The same thing happened in the UK. After getting their asses kicked by Reagan and Thatcher, the mainstream left moved to the economic right and agreed with Thatcher that “There is no alternative.”

I’m not doing a “both sides” argument here. Democrats are clearly better for the economy along all timescales just based on historical performance. The problem is that by not challenging the dominant paradigm, and by not changing the domain of discussion (eg, family values means making sure families have food and housing security and can have representation in the workplace as well as the government), they’re surrendering the field to the republicans.

I suspect that, like with climate change, there’s just too much money at stake for anyone to want to take the risk of calling out the elephant in the room. I hoped that Greenspan admitting that the flaw in his model was that markets would behave efficiently to control risk would be the start of the re-evaluation. Instead, we just went back to doing it all the same.